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Accrued Expenses | 12 Months Ended
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Dec. 31, 2017
Payables and Accruals [Abstract] |
Accrued Expenses | NOTE J – ACCRUED EXPENSES Accrued expenses consist of the following:
|  | 2017 |  |  | 2016 |
Compensation and bonuses |  | $ | 1,871,071 |  |  | $ | 1,687,214 |
Professional services |  |  | 329,640 |  |  |  | 544,412 |
Interest |  |  | 4,056,337 |  |  |  | 2,391,857 |
Accrued insurance payable |  |  | 249,247 |  |  |  | 393,715 |
Other operating |  |  | 45,040 |  |  |  | 60,927 |
Total accrued expenses |  | $ | 6,551,335 |  |  | $ | 5,078,125 |
Professional fees are mainly attributable to legal fees and related and other professional services in support of operations. Included in Professional fees are $227,000 of fees earned by Greg Stemm, former chief executive office and current chairman of the board, in accordance to his consulting service agreement executed in 2015. These fees are to be paid out monthly over 2018 and 2019. Mr. Stemm has an additional $80,509 of fees due in accounts payable at December 31, 2017. These fees will be remitted at a mutually agreeable time in the future. Compensation and incentives includes $1.3 million accrued incentive awards for the company employees for 2016 and prior and $0.5 million for 2017. However, the Board of Directors will only approve incentives to be paid when and if there is sufficient excess cash above and beyond normal operating means. Other operating expenses contain general items due resulting from general operations. Accrued interest is due to MINOSA, Epsilon, SMOM and Monaco per debt agreements described in NOTE I.

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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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